SOURCE: Providential Holdings, Inc.

November 17, 2008 08:45 ET

Providential Holdings Reports Profitable Results for Q1 FY '09

LOS ANGELES, CA--(Marketwire - November 17, 2008) - Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, real estate development, mining and investing in special situations, today announced financial results for the first quarter of fiscal year 2009, ended September 30, 2008.

Total revenues were $1,988,220 and $28,500 for the three months ended September 30, 2008, and 2007, respectively. Total operating expenses were $435,927 for the three months ended September 30, 2008 and $336,814 for the same period in 2007.

Total other income was $112,930 for the three months ended September 30, 2008 compared to total other expense of $29,095 for the same period in 2007.

Net income for the three months ended September 30, 2008 was $1,665,223 as compared to a net loss of $337,409 for the same period in 2007, which is equivalent to $0.01 and ($0.00) per share, respectively.

Providential CEO Henry Fahman said, "In spite of the global financial crises that have adversely impacted some of our plans, our M&A and consulting services have generated increased revenues and profits for the company in the latest quarter. We expect to continue earning more revenues through these services and also generate significant value for our shareholders from our real estate development program, mining, and other initiatives in the balance of fiscal year 2009 and beyond."

About Providential Holdings

Providential Holdings and its subsidiaries engage in a number of business activities, the most important of which are M&A and consulting services, real estate development, mining, and investing in special situations. As part of its focus on Vietnam, the Company has successfully assisted several Vietnamese companies to go public in the U.S. and currently develops "Pointe 91", a luxury resort and upscale residential community in Chu Lai, central Vietnam. For more information, visit http://www.phiglobal.com.

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Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

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